Nigeria Woos Global Investors With Fresh Mining Incentives, Says Alake

 

Minister of Solid Minerals Development, Dele Alake, has unveiled a new bouquet of incentives designed to position Nigeria as a prime destination for global mining investments.

Alake, who led Nigeria’s delegation to the Resourcing Tomorrow exhibition and conference in London, said the measures — including duty waivers on imported mining equipment and unhindered profit repatriation — reaffirm the Tinubu administration’s resolve to deepen value addition in the sector.

According to him, Nigeria has attracted more than $2 billion in mineral-processing investments in the last two years, driven largely by reforms aimed at ending the export of raw ores.

He listed major investors such as Canmax Technologies, Jiuling Lithium, Avatar New Energy Nigeria Limited, and Asba Group, noting that the firms have committed over $1.3 billion to lithium-processing projects across several states.

“These are real investments — bricks, mortar and machinery,” he said. “Just outside Abuja, work is ongoing on a $50 million lithium processing plant, the first in a series of industrial clusters that will stretch across Nasarawa, Kogi, Kwara and Ebonyi.”

The minister also highlighted the groundbreaking of a $400 million rare-earth processing plant by Hasetins Group on November 19, saying the facility is scheduled for completion within 15 months.

He added that a multi-billion-dollar iron-ore-to-steel project is in the works, signalling government’s determination to expand Nigeria’s industrial base.

Alake said ongoing regulatory enforcement by newly deployed mining marshals would be strengthened with satellite technology to track mining activities nationwide.

He presented the Nigeria Solid Minerals Company (NSMC) as government’s preferred joint-venture vehicle, describing it as a sovereign partner created to de-risk exploration and boost downstream processing.

“The NSMC embodies our philosophy of shared prosperity. It co-invests with operators and grants access to mineral assets inherited from the former Nigerian Mining Corporation,” he noted.

Addressing more than 1,000 participants at the forum, Alake insisted that Nigeria is ready for large-scale investment. He revealed that geological mapping has now covered over 80 per cent of the country.

The minister said the federal government had also concluded the Solid Minerals Export Guidelines to align with global environmental, traceability and governance standards.

He argued that value addition at the source remains the most sustainable response to global supply chain disruptions, and pointed to the newly formed Africa Minerals Support Group as part of continental efforts to promote beneficiation.

Alake added that several Nigerian states now operate mining companies as part of a renewed push for broader sectoral participation.

He further disclosed that 427 community development agreements have been signed between host communities and mining companies, reinforcing Nigeria’s commitment to responsible mining practices.